Exicom Tele-Systems IPO: Rs 329 Crore Raise
Feb 21, 2024 12:23
Exicom Tele-Systems, EV charger maker, is set to launch its IPO on February 27. The company aims to raise Rs 329 crore via fresh issue. Learn more.
New Delhi, Feb 21 (PTI) EV chargers maker Exicom Tele-Systems Ltd is set to launch its Initial Public Offering (IPO) on February 27.
The initial share sale will conclude on February 29 and the bidding for anchor investors will open for a day on February 26, according to the Red Herring Prospectus (RHP).
The maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares by promoter NextWave Communications.
At present, NextWave Communications holds a 76.55 per cent stake in the company, and HFCL, part of the promoter group, owns a 7.74 per cent stake in the firm.
Overall, promoters hold a 93.28 per cent stake in Exicom Tele-Systems.
Proceeds of the fresh issue will be used towards setting up production lines at the manufacturing facility in Telangana, investment in R&D as well as product development, and payment of debt, to support working capital requirements and for general corporate purposes.
Exicom-Tele Systems is a power management solutions provider and operates under two business verticals -- EV (Electrical Vehicle) charger solutions business and power solutions business.
In the EV charger business, the company provides smart charging systems with innovative technology for residential, business, and public charging use in India, and in the other vertical it designs, manufactures, and services DC Power Systems to deliver overall energy management at telecommunications sites and enterprise environments in India and overseas.
Monarch Networth Capital, Systematix Corporate Services, and Unistone Capital are the book-running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.